Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-29 10:56Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - A - share major indices rose collectively, with the three major indices oscillating strongly, and small - and medium - cap stocks slightly outperforming large - cap blue - chip stocks. Although the domestic economic fundamentals were still under pressure in June, financial data showed that the willingness of residents and enterprises to invest and consume improved under loose monetary policy. The market had high expectations for the ongoing Sino - US trade talks, and the central Huijin's increase in ETF holdings injected confidence into the market. Therefore, stock indices may rise in the near future. It is recommended to buy IO at - the - money call options on dips with a light position [2]. 3. Summary by Directory 3.1 Futures Market - Futures Contracts: All major and secondary contracts of IF, IH, IC, and IM rose. For example, the IF main contract (2509) was at 4141.4, up 22.4; the IH main contract (2509) was at 2814.0, up 10.8; the IC main contract (2509) was at 6263.0, up 41.2; the IM main contract (2509) was at 6662.0, up 57.0 [2]. - Futures Spreads: The spreads between different contracts, such as IF - IH, IC - IF, etc., mostly increased. For example, the IF - IH current - month contract spread was 1340.2, up 15.0 [2]. - Futures - Spot Basis: The basis of IF, IH, IC, and IM main contracts showed different trends. For example, the IF main contract basis was - 10.6, up 3.2 [2]. - Futures Positions: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For example, the net position of the top 20 in IF was - 25,808.00, down 2076.0 [2]. 3.2 Spot Market - Stock Indexes: The Shanghai Composite Index rose 0.33%, the Shenzhen Component Index rose 0.64%, and the ChiNext Index rose 1.86%. The trading volume of the Shanghai and Shenzhen stock markets rebounded significantly. Industry sectors showed mixed performance, with communication, steel, and pharmaceutical biology sectors strengthening, while agriculture, forestry, animal husbandry, fishery, and banking sectors falling [2]. - Market Sentiment Indicators: A - share trading volume increased to 18,293.09 billion yuan, and margin trading balance increased to 19,670.33 billion yuan. The proportion of rising stocks decreased to 41.37%, and Shibor decreased to 1.366%. IO at - the - money put option prices and implied volatility decreased [2]. 3.3 Industry News - Industrial Enterprises: From January to June, the operating income of large - scale industrial enterprises was 66.78 trillion yuan, a year - on - year increase of 2.5%; the operating cost was 57.12 trillion yuan, an increase of 2.8%; the operating income profit margin was 5.15%, a year - on - year decrease of 0.22 percentage points. In June, the profit of large - scale industrial enterprises decreased by 4.3% year - on - year [2]. - Policy Deployment: The Ministry of Industry and Information Technology deployed eight key tasks for the second half of the year, including formulating action plans to enhance the adaptability of consumer goods supply and demand, and promoting the development of emerging industrial industries [2].